Do you remember when your parents sat you down to have “the talk”? At that time, it was the last thing you wanted to hear and likely included some anxious moments and uncomfortable feelings. Well, it could be time to think about another “talk” but, not with your kids – with your parents.
Investing on a consistent basis is important. If you’re going to achieve your retirement and other financial goals, you should consistently contribute to your RRSPs, TFSAs and non-registered investments. “Paying yourself first” through monthly contributions is an excellent strategy to build an investment portfolio.
Please note: This article is not applicable in Quebec.
Do you have a Registered Retirement Savings Plans (RRSP) or a Registered
Retirement Income Funds (RRIF)? Designating a beneficiary to your RRSP or RRIF is often presented as sound financial planning, since doing so can avoid probate and probate fees. However, a direct beneficiary designation can result in some negative consequences such as inequitable treatment of heirs, unintended elimination of heirs and unexpected tax consequences to the designated beneficiary.
Creating an investment portfolio today to help fulfill your dreams for tomorrow can seem difficult at times, especially when every day brings the reality of utility bills, mortgage payments, car loans or lease payments and other demands on your hard-earned money. Here are some methods on how to properly invest, on a consistent basis.
